ICEx Group Raises $70 Million To Build Indonesia's Regulated Crypto Market Infrastructure
LiquidityFinder - Bhargav DharapICEx Group has secured comprehensive licences from Indonesia's Financial Services Authority (OJK) to operate an integrated digital asset exchange, clearing house, and custody provider, completing a three-layer regulatory structure that places Indonesia among a small number of jurisdictions applying traditional capital-markets architecture to cryptocurrency.
The group comprises three independently licensed entities: International Crypto Exchange (ICEx), Crypto Asset Clearing International (CACI), and International Crypto Custody (ICC). A consortium of eleven of Indonesia's largest exchanges, including Ajaib, Floq, Indodax, Mobee, Nanovest, OSL Indonesia, Reku, Samuel Kripto Indonesia, Tokocrypto, Triv, and Upbit Indonesia, are founding shareholders, with participation from some of Indonesia's largest conglomerates and global exchanges as strategic investors. The consortium raised approximately Rp 1 trillion ($70 million).
Indonesia's registered crypto investor base has grown from roughly 4 million in 2020 to 20.19 million as of December 2025, a fivefold increase that now exceeds the country's entire capital market investor base of 20.13 million SID. The country ranks third globally on the Chainalysis Crypto Adoption Index and leads the Central, Southern Asia and Oceania region in on-chain transaction value at approximately $157.1 billion.
Under Indonesia's framework, overseen by OJK, every crypto transaction must pass through three distinct licensed layers: a regulated exchange (Bursa), a central clearinghouse, and an independent custodian, mirroring the architecture of conventional stock and derivatives markets.
Pang Xue Kai, Chief Executive Officer, ICEx Group
Pang Xue Kai, Chief Executive Officer, ICEx Group said:
“Indonesia's regulation requires this three-layer infrastructure to exist. The 11 exchanges chose to own it collectively rather than depend on a third party.”
The mandated structure is designed to reduce counterparty risk and capital inefficiency. As the founding exchanges route through ICEx clearing and custody, the infrastructure reaches a combined user base of 20 million immediately.
ICEx Group is also exploring regulated real-world asset tokenisation and national stablecoin initiatives. The company is hosting its Grand Launch on 2 April 2026, in Jakarta.
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